The Erawan Group plans to sell Ploenchit Center to SCB Asset Management for Bt1.4b to help improve its financial performance this year, said its chief financial officer, Kamonwan Wipulakorn. The sale will contribute to a 2011 operating profit after it saw a net loss of Bt275m last year. It will also sell one hotel this year and another next year, expecting a return of no less than 20% from the sale of these assets. It also allocated an investment budget of Bt5b to Bt10b in its five-year plan (2011-2015) for constructing and buying hotels, she said. (The Nation)
